My latest Economics Explored podcast episode (EP94 Economics of New Media) explores how people are making money in the rapidly growing new media or independent media sector. While the internet and social media have badly affected traditional media, they have led to the emergence of a rapidly growing new media or independent media sector.
For instance, leading podcaster Joe Rogan was reportedly paid $100 million to move his hugely popular podcast to Spotify. And independent journalists like Matt Taibbi, Bari Weiss, and Krystal Ball and Saagar Enjeti are making decent livings through Substack and Patreon subscriptions and via revenue from YouTube. It appears there’s big money for the top talent in new media, which is great news. It’s starting to look like that, to some extent, the market really can support independent and high-quality news and opinion.
Chatting about the economics of new media with me in EP94 is a new media start up founder, Matt Wong of Discernable, who is based in Melbourne and is doing great things on various new media platforms. His Discernable program which you can watch on Facebook or YouTube, provides a fresh perspective on current affairs in Australia.
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